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  3. Religare Enterprises – Likely Demerger And Listing Of Care Health Insur…

Religare Enterprises – Likely Demerger And Listing Of Care Health Insurance

3 Feb 2026

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Key Takeaways

A board-approved demerger and automatic listing of Care Health Insurance would crystallise value for Religare shareholders by separately listing a fast‑growing health insurer valued near ₹16,000 crore, while also marking the Burmans’ first big restructuring step post‑takeover.

A board-approved demerger and automatic listing of Care Health Insurance would crystallise value for Religare shareholders by separately listing a fast‑growing health insurer valued near ₹16,000 crore, while also marking the Burmans’ first big restructuring step post‑takeover.

Care Health Insurance (Religare) Unlisted Shares

Care Health Insurance (Religare)

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Expert Analysis

Expert Analysis:

  • Religare Enterprises is likely to announce the demerger of its insurance arm, Care Health Insurance (formerly Religare Health Insurance), and spin it off as a separately listed entity, with an announcement expected soon, according to people familiar with the matter.​

  • The Burman family–led promoter group has been evaluating this spin‑off for about a year; Care Health is estimated to be valued at around ₹16,000 crore, with Religare holding roughly 64% and the balance largely with Union Bank of India and Corporation Bank, and the restructuring could result in an automatic listing aimed at unlocking shareholder value.​

  • Care Health wrote a gross written premium of ₹8,318 crore in FY25, up 21% year-on-year, giving it a 5.6% market share among standalone health insurers, and, if approved, this would be the first major corporate move by the Burman family after taking control of Religare in February 2025.​

Publisher:Money Control